Dow Jones trades above 12,000 points

In this Jan. 25, 2011 photo, trader Luigi Muccitelli, left, and specialist Donald Civitanova work on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)

By Chip Cutter

Associated Press

NEWYORK (AP) — The Dow Jones industrial average is surpassing 12,000 as investors shrug off weak earnings results and focus on President Barack Obama‘s call to overhaul corporate taxes.

The average climbed to 12,006 early Wednesday. The last time it closed above 12,000 was June 19, 2008.

Obama said he wanted to close corporate tax loopholes and use the additional revenue to lower corporate tax rates for the first time in 25 years.

That offset weak earnings results from Boeing Co., Xerox Corp. and Eastman Kodak Co